BitGo receives regulatory approval to custody crypto assets
Crypto security startup BitGo has received approval in the US to act as a qualified custodian for digital assets. BitGo Trust has been approved by the South Dakota Division of Banking, meaning it can now offer institutional clients a regulated storage solution for digital assets, said chief compliance and legal officer Shahla Ali.
“Currently … we offer an online hot wallet solution, which is available to anyone to download our software and store their coins. We also offer a custodial solution which is a combination of hot and cold wallet… our hope is to build this platform out, to really demonstrate to regulators and customers that this model can work and we can really build a great trust company that safeguards assets.” BitGo aims to create a secure custody offering that is a tool to reassure investors and local governments alike that cryptocurrencies can provide value to these groups. “We realized they would be best served by a custodian who was entirely focused on their assets” she said.
Mt. Gox’s corporate creditors can now file claims for Bitcoin refunds
The trustee of the long-defunct Bitcoin exchange Mt. Gox has announced that corporate creditors can now enter claims to claw back trapped Bitcoin through a recently approved rehabilitation process. Nobuaki Kobayashi, attorney-at-law and the rehabilitation trustee for Mt. Gox said in a release on Wednesday that former corporate users of the exchange will have until Oct. 22 to file proof backing up their claims for refunds of crypto assets held by the exchange.
“We have released an online rehabilitation claim filing system … which allows corporate users to file their proofs of claim by online methods in connection with the civil rehabilitation proceedings,” Kobayashi said. The release follows previous news that Mt. Gox’s online filing system had been opened up to individual (non-corporate) users on Aug. 23rd 2018. Currently, Jan 24th, 2019 is the next (expected) court date where the trustee’s decision will either be approved or rejected by a Tokyo court, therefore everything is subject to future changes.
Blockchain could boost trade finance by $1T
Blockchain is able to fill in much of the $1.5 trillion-dollar supply-demand gap in global trade finance by easing financing for small- and medium-sized enterprises in emerging markets, new research says. Jointly conducted and released by the World Economic Forum and Bain & Company, the research indicates, by deploying blockchain, global businesses can generate an extra $1 trillion in trade finance that would otherwise be missed out on.
According to an Asian Development Bank calculation, the global trade finance gap is currently at $1.5 trillion and is estimated to grow to $2.4 trillion by 2025. The research further explains that this issue largely arises from limited access to credit and loans for SMEs that are looking to expand their businesses, since distributed networks are able to share business records across financial institutions along the supply chain and bring transparency to businesses’ credibility. “They would help mitigate credit risk, lower fees and remove barriers to trade,” the researchers write.
Crypto exchange OKCoin expands to 20 more US states
It’s been nearly one year since one of the world’s largest cryptocurrency exchanges was forced to shut its doors in the wake of a government-imposed trading ban. Now, that exchange, the formerly China-based OKCoin, is eying a comeback on the other side of the globe. Now headquartered in San Francisco, OKCoin’s U.S. offshoot announced on Wednesday that it has received regulatory approval to expand into 20 new states, greatly expanding its reach into one of the world’s largest crypto markets.
“In order for the cryptocurrency market to reach its full potential, exchanges like OKCoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities,” said Tim Buyn, the exchange operator’s CEO. “Our team has worked diligently within the complexities of the US regulatory frameworks. We’re excited to take this major step forward as we aim to break down the barriers preventing a truly global digital asset market while adhering to long established regulations.” Previously, OKCoin USA was only open to traders in California, where it attracted around $700,000 in daily volume, ranking it about 125th among global exchanges, per CoinMarketCap.
Kraken Daily Market Report for 12.09.2018
KRAKEN DIGITAL ASSET EXCHANGE
$136M traded across all markets today
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